Vancouver's Real Estate Market

[yray]

open up the ALR in Richmond

industrial land is needed

residential land is needed

[Hondaracer]

Better have a boat when that ALR land gets reclaimed by the ocean lol

[yray]

Originally Posted by Hondaracer

Better have a boat when that ALR land gets reclaimed by the ocean lol

beyond our lifetime

[EvoFire]

Originally Posted by van_driver

Tear down on E 49th asking $1,315,000 got 10 offers, 9 of them subject free :|

50 year old home in Central Coquitlam asking $1.3m received 8 offers, went $120k over asking subject free.

Can any revscene real estate experts predict when this madness will slow down?

If they plan on tearing it down, why do they even need subjects?

[TOS'd]

Originally Posted by EvoFire

If they plan on tearing it down, why do they even need subjects?

Could be subject to financing.

[cafe22]

Originally Posted by EvoFire

If they plan on tearing it down, why do they even need subjects?

The buyer might want an extra few weeks to confirm with the City on their development proposal before committing to the sale.

[Qmx323]

So maybe a bit off topic - But has anyone here ever experience a seller cutting off contact after accepting an offer and arranging a possession date?

Friend of mine arranged for financing, possession dates, etc and both parties signed an accepted offer. Supposed to be today, but they have not been responding since late March. Offer was signed just before New Years.

Friend and their RE agent suspect that because at the time of the acceptance, the market wasn't as "hot" as it was now, the sellers are pulling some overseas (They don't live here) bullshit to either get more money from friend, or have friend eventually say "fuck you and the deals off" and so that they can sell it for a higher price than the previously accepted offer.

They're speaking to multiple lawyers etc, because friend is figuring whether litigation is necessary or not. Apparently the seller fired their agent (who was a local agent)

[Ch28]

Originally Posted by Qmx323

So maybe a bit off topic - But has anyone here ever experience a seller cutting off contact after accepting an offer and arranging a possession date?

Friend of mine arranged for financing, possession dates, etc and both parties signed an accepted offer. Supposed to be today, but they have not been responding since late March. Offer was signed just before New Years.

Friend and their RE agent suspect that because at the time of the acceptance, the market wasn't as "hot" as it was now, the sellers are pulling some overseas (They don't live here) bullshit to either get more money from friend, or have friend eventually say "fuck you and the deals off" and so that they can sell it for a higher price than the previously accepted offer.

They're speaking to multiple lawyers etc, because friend is figuring whether litigation is necessary or not. Apparently the seller fired their agent (who was a local agent)

I think that last sentence tells you everything you need to know.

Seller probably circled back to agent to tell them that "market is hot now. you need to go back and get more money" and the agent explained that's not how it works after the contracts been finalized and subjects removed. Seller didn't like that and agent wouldn't/couldn't bend the rules for him and got fired.

This will get messy seeing as they're an overseas seller and will be hard to get in contact with. Fucking sucks for your friend.

[twitchyzero]

contract should be legally binding

[Hakkaboy]

Has the full amount been sent over to the seller via the notary/lawyer yet?

If so, hire a locksmith, move in and chill?

[JDMDreams]

^ in

[JDMStyo]

Originally Posted by Ch28

I think that last sentence tells you everything you need to know.

Seller probably circled back to agent to tell them that "market is hot now. you need to go back and get more money" and the agent explained that's not how it works after the contracts been finalized and subjects removed. Seller didn't like that and agent wouldn't/couldn't bend the rules for him and got fired.

This will get messy seeing as they're an overseas seller and will be hard to get in contact with. Fucking sucks for your friend.

I haven't had this happen personally but have seen colleagues and obv hear of deals like this.

Seller is screwed in most instances - as the property is here in Canada. Where the seller is no has impact on whether the deal is binding or not.

If they chose to ignore court notices - even better! Deal will default after your notice of claims & writ go through without even going through discovery.

Though - the efforts to go through Supreme Courts (over $25,000) and lawyer-ing up is daunting, keep in mind this is all in an efforts to "scare off" the seller into performing. In this case they will be suing for "specific performance" rather than "specific damages".
As with most legal cases - losing side pays for ALL the damages and fees for both sides, at $200-500/hour lawyer cost, this can quickly make the $50-100K difference your friend bought few months ago quickly disappear.

In real life though, I'm sure your friends just wants to complete the deal for what they paid for on contract. Unfortunately, this is where the courts system fail us - this process may take 1-2 years, and all this money/opportunity cost is tied up. Obviously rent and mental anguish can all be added in along with your legal cost, but hiring a big firm and scary lawyers can hopefully frighten the seller into performing.

[Traum]

A friend made an offer on a property last year, and the seller accepted. There were some minor repairs on the house that needed to be fixed, and the completed repairs were written in as part of the condition to purchase. But then the guy and the guy's agent both started complaining afterwards and tried asking for more money. At the same time, they wouldn't proceed with the repair work that was agreed upon, and instead started saying shxt like "there are bullet holes on the exterior wall that will need fixing too", and that "sometimes there are drive-by shootings in the area".

I think the issue dragged on for 2 - 3 weeks, and by the time the completion date was here, my friend didn't want to bother with the PITA seller, his scumbag agent, the potential tie up with a lawsuit, or any potential future trouble if the lawsuit forced the seller to sell, so he just got his deposit back and walked away.

Why do we have so many scumbags in this world???

[Qmx323]

^ @ JDMStyo - For sure. They just want this deal done at the agreed upon price and get out of the previous accommodation. Fortunately the previous landlord has agreed to let them stay at the previous residence for an agreed upon length of time.

Originally Posted by Hakkaboy

Has the full amount been sent over to the seller via the notary/lawyer yet?

If so, hire a locksmith, move in and chill?

LMAO

Friend has called HSBC to hold off on the transfer of funds and seems to have it under control from that end.

[TOS'd]

Originally Posted by Traum

A friend made an offer on a property last year, and the seller accepted. There were some minor repairs on the house that needed to be fixed, and the completed repairs were written in as part of the condition to purchase. But then the guy and the guy's agent both started complaining afterwards and tried asking for more money. At the same time, they wouldn't proceed with the repair work that was agreed upon, and instead started saying shxt like "there are bullet holes on the exterior wall that will need fixing too", and that "sometimes there are drive-by shootings in the area".

I think the issue dragged on for 2 - 3 weeks, and by the time the completion date was here, my friend didn't want to bother with the PITA seller, his scumbag agent, the potential tie up with a lawsuit, or any potential future trouble if the lawsuit forced the seller to sell, so he just got his deposit back and walked away.

Why do we have so many scumbags in this world???

How much is that property worth now, 1 year later? And did it sell/was it listed since then?

[Traum]

Originally Posted by TOS'd

How much is that property worth now, 1 year later? And did it sell/was it listed since then?

Difficult to say how much it is worth now, but at the time back in Aug / Sept 2020, the detached home was in the low $2M range.

My friend's primary goal was to purchase a home since they were relocating from Ontario, so I don't think he paid much attention to that place after the purchase fell apart.

[JDMDreams]

Wouldn't there be a law suit if the sellers don't act on their part of the contract. I mean if you let them keep the house your friend would lose out on so much as the values have gone up and is probably priced out of the market by now.

[Traum]

Of course the seller would be facing a lawsuit that he will almost certainly lose, but then the lawsuit would also be very troublesome as well -- JDMStyo has described it much better than I could guess. When your goal is trying to purchase a place as your new home, getting tied up with a lawsuit just to get the place probably isn't a very attractive option.

[Hondaracer]

Take from this what you will, but any of you guys looking at newer builds, duplexes etc. AVOID E.I builders..

Jesus Christ I’ve been in 3 different brand new builds in the last week and it’s fucking embarrassing that the buyers realtor let them buy these places.

Honestly, some of these Burnaby/Vancouver places I’ve been in are ducking terribleeeee, like some of the worst finishing/exterior envelope I’ve seen ever. Back when I was still building homes if I left one room in the state some of these entire homes are left in turn over, I’d be fired on the spot.

Fucking plumbing clean outs in main hallways with a black cap and baseboards just notched around them, door casings crooked and uneven with another door 4 inches away, HACK JOB tile and flooring. Holy fuck I can’t believe how bad it is. No sense or reasoning behind outlet or jack placement etc. Etc.

And frankly, these are all E.I builders, every single one of them.

If anyone is ever interested in having someone walk through your home with you for a deficiency walk through, I offer my services for free if I’m available. Because people should NOT be moving into brand new homes in this state. Fuck is it embarrassing.

One thing I’ll say lately is that Asian (seemingly Chinese?) builders have really stepped it up in terms of the quality of work I’ve been seeing. At least on the surface. Much more attention to detail than their E.I counter parts who have probably been doing it much longer.

[BIC_BAWS]

I bought my house from E.I. builders. I know a few E.I. builders as well. Everything HondaRacer is saying holds true. For the price I paid, unfortunately, I guess I should expect it. Even at over $1M. To echo his experience:

All my exterior/interior doors don't open/close properly. It's worse in the winter. I assume it's cause material contracts when cold vs hot. My garage door you gotta body check to open and slam close. My front door, it's not aligned (?), So you gotta tug on the door to close it. (Would love reccos on how to fix this)

All the switches and everything were left with aluminum. My E I. Builder friends mentioned that it was odd because if they were going to do a full Reno, they would have rewired the place. Some switches were installed backwards so on is off, vice versa. None of the switch plates are straight.

All the appliances are weird. Range hood has started to fail and it's been less than a year. Ceramic stove top scratches very easily. Garage opener doesn't work half the time. Doorbell doesn't work.

Hardwood laminate floors started to have a black stain come up on top. Sus.

Did an inspection, but it didn't show any of these issues.


Sent from my SM-G781W using Tapatalk

[Hondaracer]

One of the duplexes I was in was so bad I was tempted to message the realtor because I felt so bad for the woman who bought it (was in contact with the realtor on a different matter for her)

People like her have no idea that a brand new house shouldn't have drywall mud on the floor or a tile transition shouldn't be chipped etc. Both the builder/developer and the realtors involved are essentially taking advantage of a customers ignorance. You SHOULD NOT be accepting fucking unpainted drywall patches etc. in a brand new home lol, its fucking insane.

[BIC_BAWS]

Oh yeah I forgot to add, hardwood chipped, tiles chipped, random drywall mud of the walls and drywall mud on my tiles. How do i remove the drywall mud LOL.

Sent from my SM-G781W using Tapatalk

[punkwax]

^ was it you who bought on 168th around 20th ave?

[supafamous]

Originally Posted by Hondaracer

Take from this what you will, but any of you guys looking at newer builds, duplexes etc. AVOID E.I builders..

Jesus Christ I’ve been in 3 different brand new builds in the last week and it’s fucking embarrassing that the buyers realtor let them buy these places.

Honestly, some of these Burnaby/Vancouver places I’ve been in are ducking terribleeeee, like some of the worst finishing/exterior envelope I’ve seen ever. Back when I was still building homes if I left one room in the state some of these entire homes are left in turn over, I’d be fired on the spot.

Fucking plumbing clean outs in main hallways with a black cap and baseboards just notched around them, door casings crooked and uneven with another door 4 inches away, HACK JOB tile and flooring. Holy fuck I can’t believe how bad it is. No sense or reasoning behind outlet or jack placement etc. Etc.

And frankly, these are all E.I builders, every single one of them.

If anyone is ever interested in having someone walk through your home with you for a deficiency walk through, I offer my services for free if I’m available. Because people should NOT be moving into brand new homes in this state. Fuck is it embarrassing.

One thing I’ll say lately is that Asian (seemingly Chinese?) builders have really stepped it up in terms of the quality of work I’ve been seeing. At least on the surface. Much more attention to detail than their E.I counter parts who have probably been doing it much longer.

True to all of that. I learned my lesson with the first duplex we bought 5 years ago - the deficiency list was massive and they were unwilling to correct all but the smallest items.

As I've gone around to get quotes from builders for a East Van build it's been pretty much $200sf for E.I builders, $240-280 for Asians, and $320+ for white builders. You get what you pay for when you take a look at the work.

Most new builds right now are being done by E.I builders as well and it's all junk between build quality and useful design/layouts. It's why I'd rather go through the stress of building a house myself than buy the garbage that's out there (I'm not saving money by doing this).

What a reputable white builder builds: https://www.rew.ca/properties/305016...t-vancouver-bc (you pay for it)

[Alpine]

I've spoken to a few builders out here in Southwest Coquitlam. Most white/european builders seem to be able to build for low $200's psf (not a fully custom home, an off the shelf spec home). I ran into an EI neighbour who builds with his family/cohort in their spare time. He's not a licensed builder or contractor but said he's doing it all his life, so he knows exactly what to do and who to call. He said he can build a new house for $130-140 psf.